Fox Business Network

Alan Greenspan makes it clear again on Wednesday: He doesn't like the president's tax cuts; the economy's improving well enough on its own and besides, at a time of deficits, the last thing you want to do is add to them.

This got me thinking. Deficits aren't the fault of giving Americans their money back. They're the fault of spending too much of their money in the first place.

This fear that deficits will lead to sky-high interest rates is equally stupid. We've had deficits for two years now, and last time I checked rates are lower now, not higher now.

Then I did a little searching. Back in the 1980s when we were racking up those deficits, interest rates went lower back then too.

Doesn't anyone see this deficit argument for what it really is? An excuse. A dumb, transparent, overly simplistic excuse. A ruse to fool people into thinking you care about their money.

Here's the truth, my friends, they don't. Because they don't see it as your money. They see it as their money. And they want to keep it from you even if that means scaring the living daylights out of you.

And who is Alan Greenspan to lecture?

I won't offer you dietary advice. Who's this guy who was raising interest rates a few years back -- practically leading us into a recession when logic said it was stupid -- to be offering financial advice? He was wrong then. He is wrong now.

You shouldn't have to put Americans through a litmus test to justify giving them their money back.